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Nicole, Home Buyer in Pioneer Valley, MA

Short Sale advice - Can't move in until July/August...?

Asked by Nicole, Pioneer Valley, MA Fri Jan 30, 2009

Hi! We're FTHB and we are interested in two different properties that both happen to be Short Sales. Our lease is yearly and isn't up until the end of August, so we would not want to close until July 31st at the earliest, but mid-August preferably.

I know the Buyer has little control in a Short Sale, particularly in the way of making the closing SHORTER, however do I theoretically have options to make the Short Sale drag out? Then again, if it drags out past August, we would have to renew our lease, which is bad!

Please and Thank you! :)

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HI Nicole,

Although it is impossible to predict how long it will take for a short sale to close, it does tend to be longer than traditional closings. You should have your agent include in the offer the date you would be available to close. If yours is the only offer, the bank may not have a problem with a mid August closing. As far as your lease is concerned, you should consider asking about month to month lease after August if needed.
0 votes Thank Flag Link Fri Jan 30, 2009
Sure. You can craft a P&S any way you wish. Getting the bank to sign it is the trick. I would say, that in general, the bank is more concerned with the bottom line, than the closing date.
0 votes Thank Flag Link Fri Jan 30, 2009
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